VC allocations not growing proportionately with surge in deep tech startups, says SGInnovate’s Leonard
By Kristie Neo
Leonard noted that while funding rounds have grown bigger, the capital may not be filtering down to the seed level, where most of the deep tech firms are.
The two companies will collaborate on projects in Big Data and Artificial Intelligence.
VC funding in the first eight months of 2018 stood at $3.16b, compared with $2.72b last year.
Other investors in the latest funding round include Temasek Holdings, Greenoaks Capital and other institutional investors.
According to an executive familiar with its fundraising plans, the VC has set the fund’s hard cap at $150 million, adding a $30-million buffer to its initial target of $120 million.
The plan to launch a second larger fund is based on the success of OCBC’s first fund which is on track to meet its targeted 20% IRR by the end of the term.
The investment is part of the roughly $1 billion that Grab is seeking to complete an ongoing $3-billion funding round.
Sembcorp Industries Ltd was reportedly the only party that submitted a final bid for the plant, offering below book value.
After Thailand, SingTel plans to extend the network to other countries by teaming up with Airtel in India, Globe in the Philippines and Telkomsel in Indonesia.
Founded in 2012, co-work space operator Collective Works currently has two locations in Singapore.